Mortgage brokers might be helpful; they might not be so if they don’t know the market. They have to be experts in their domain. Since there is a criteria to know the lenders thoroughly in order to know who these lenders may borrow and who they don’t borrow.
There are many countries in this world where these people can be held responsible for giving poor suggestion. Or they can even work for serving their own needs. This actually helped the system to keep clean.
Now eventually the question arises, why should you go for a mortgage broker’s advice at all ! There are many reasons, I am citing here some –
• The mortgage market is difficult to understand, so an expert broker can give you unbiased advice
• They understand better what the lenders prefer
• If they have a good network of client base, they can even offer deals that are not generally available directly through property agents or banks.
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